BENEDICT CONTROLLING SYSTEM
Analysis of financial statements, such as P&L, Balance Sheet, Cash Flow, and Trial Balance Sheet.
In cooperation with our partners, certified experts in accounting and tax QLARIS Consulting, we have created an advanced system for comprehensive accounting analysis and controlling of the company’s assets!
Currently prepared for Croatian legislative, but new markets are also in pipeline (Germany, Slovenia).
* Benedict accounting system based on PowerBI technology.
The system contains all the settings essential for accurate reporting based on the Croatian accounting standards for reporting.
* settings can be adjusted for different accounts/countries’ legislative.
Gross balance, P&L statement, and other reports are automatically generated based on your general ledger!
You no longer have to wait for the end of the year/quarter to check the state of your business, the reporting follows the dynamics of accounting!
As soon as items are booked, they are visible in your report on a daily, weekly, or monthly basis!
If you are facing the following business problems, we have a solution for you!
- Long process of preparing quarterly and annual financial reports
- Too much manual operational work when making reports
- Non-dynamic comparisons with last year / business plan
- Lack of automation in reporting (every month / week you have to do the same manual process)
- Inaccurate and unreliable information
- Multiple companies in a cluster with different types of bookkeeping which you need to consolidate
- Lack of information to make the right decision
- Information lag
How can Benedict help you?
When creating the system, we devoted a lot of time to optimizing the process of data cleaning, so that your logs and transactions are automatically linked via the codebook, respecting all the rules of the general ledger. If there are any deviations, the system can quickly recognize and adjust them.
After the initial implementation (which lasts ~ 20 working days per company), all other updates take place automatically, which means that you get new information about the business in the palm of your hand every day, and you can analyze the data to the details of the transaction!
Once set up, the system provides answers to all the problems listed above, which means that, instead of processing data, you will be able to dedicate substantially more time to analytics and business optimization!
We don't sell just nice visuals!
We help you with the whole process of implementing the new system, from the initial merging of your data and deviation control, through the complete process of setting up a PowerBI system, and finally personnel training!
1
Defining the specifics of your accounting system.
2
Minor model adjustments to automate system loading / maintenance which occurs over time
3
Setting up a PowerBI system (if it doesn't already exist in your company)
4
Employees / Developers training
* The whole process takes ~20 working days.
With us, you go through a proven and successful process where we combine our technical knowledge of tools and general knowledge of accounting with your specific knowledge of the industry and the specifics of your accounting system. In this way, together, in a very short time we can create a system that is used by the employees and makes a difference!
We have invested over 300 hours in collaboration with accounting experts to create a data model that can accurately map and structure different types of general ledgers into a form suitable for analytics!
Presentation of Benedict's Features:
Benedict is based on modern Microsoft PowerBI technology.
You can try our live demo example below, which is based on combined data from 3 stores of the same company cluster (6 pages of reports in total).
* By right-clicking on an item you can go to drillthrough page and see exactly which transactions affected the selected item.
The main advantages of the system
Flexibility
Extremely flexible system that can quickly connect to different sources of your accounting data (Databases, Accounting Systems, various exports (CSV / TXT, Excel, xml and others)).
Implementation speed
We have optimized the entire implementation process and shortened the implementation time to less than 20 working days!
Automation
After implementation, the data is automatically updated at regular intervals (daily / weekly / monthly).
Control
Smooth control of your business results and detection of possible errors in the accounting system.
Timeliness
Analytics follows the dynamics of booking managed by your accounting!
Comparison vs Plan/LY
Comparisons with the previous year / plan using scoreboards that take into account the economic importance of the item (eg if expenditures grow but grow at a slower pace than revenues, the scoreboard will be green).
Reporting to the lowest granularity
The system structurally presents all business events that have been realized, starting from the main items (eg total revenues) to the level of the transaction! In this way it enables so-called accounting / financial forensics!
Consolidation
Rapid preparation of consolidated reports from several companies within the cluster.
Personalization
Although the system is based on the Croatian standards for financial reporting, it is possible to adjust it for other forms of internal / external reporting.
Reports included
- Monthly (MTD), Quarterly (QTD) and Yearly Level (YTD)
- Comparisons with last year or plan
- KPIs that indicate healthy and problematic items using economic logic
- Example 1: revenue growth - green light
- Example 2: expenditure growth over income level - red light (danger)
- Balance sheet on the selected day
- Comparisons with last year
- KPIs that indicate healthy and problematic items by economic logic
- Example 1: cash growth - green light
- Example 2: growth of short-term liabilities - red light if it is higher than capital growth (danger)
- Subanalytics - analysis of customers and suppliers
- Allows you to control accounts by class and navigate different hierarchies
- Easy identification of successful and unsuccessful business segments
In development
We are constantly upgrading our system and adding new reports. We are currently working on adding a cash flow report using the direct and indirect methods!
We also plan to adjust the report for additional markets (German and Slovenian markets at the moment).
Licensing and Implementation
A Microsoft PowerBI license (€ 8.40 per user per month) is required to access reports.
Once the system is implemented there are no additional / hidden costs.
In parallel with the implementation of the system, we also educate users who will use/design the reports.
Based on our experience of Benedict’s implementation we had so far, we have noticed that each implementation has its own peculiarities, such as:
- Specificity of the general ledgers
- Different approaches when determining cost and profit centers
Therefore, we approach each implementation similarly to other PowerBI implementations that we have successfully completed during our 4 years of operation. You can see more about the ways of implementing the solution and examples of the process of establishing cooperation on our page Creating a PowerBI solution.
Price
The cost of implementation depends on the complexity and type of company, and the total number of companies that need to be analyzed (consolidated reports).
Implementation includes the following:
- Systematization of your general ledger
- Minor adjustments to the report to suit your needs
- Defining a data export/database connection system
- Setting up a PowerBI system
- Set up automatic data refresh
- Training for users lasting up to 6 hours
* Larger interventions in reporting or model customization are charged extra.
Maintenance
After the initial implementation, it is possible to arrange periodic maintenance of the system, which includes obtaining all new reports that we develop and acquiring complete support for the duration of the contract.
After the implementation, the maintenance contract is not binding and this decision depends on your wishes/possibilities for independent maintenance of the system after the implementation.
The need for maintenance can be defined after the initial meetings or in the implementation process itself.
For all additional information, feel free to contact us via the form below:
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Our team will answer you in a timely manner.
MICROSOFT
Certified Trainer
WE HOLD
Microsoft certificate for being experts in BI reporting.
MICROSOFT
Certified Data Analyst Associate
8+ YEARS
working with modern Microsoft tools for data manipulation and analysis.
4+ YEARS
of experience working with the PowerBI environment.
MORE THAN 40
Satisfied domestic and international clients.
